Legal Question in Real Estate Law in Florida

It depends on what your contract says. Look for the termination provisions in the contract and the liquidated damage clause.

The contract controls the remedies. You likely will lose any deposit you placed and may be responsible for additional sums as discussed by Mr. Wagner. have an attorney review the contract.

I would say from most people's point of view the immediate look is to what type of escrow money was put down by you which is probably lost in full. If you don't purchase the property that was part of the contract. The other remedy which is available is to force you to purchase the property or potentially sue you for the amount of money the property sold for less what you agreed pay for which could cost you money that you never plan to spend in this transaction. However, there may be several outs depending on the wording of the contract that would allow you to terminated without penalty. I looked at these type of situations for clients and sometimes found a way out. But you'd have to contact me at my office phone number to discuss this further and get a better answer to you or e-mail me at [email protected]

Sincerely,

Robert Roemer